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How Contract Management Software Helps Legal Teams

As with any new technology, the rapid rise in innovation, availability, and adoption of technology for legal professionals (aka LegalTech) has created several opportunities and challenges for legal departments of all sizes in every industry. General counsels and other legal executives are under pressure to answer difficult, yet critical and strategic questions related to the role of LegalTech in their organizations.

“How can we keep pace with or take a leadership role in our company’s digital transformation initiatives?”

“What’s steps can we take to improve our governance and compliance?

“How can we use technology to find and mitigate brand, legal, and financial risks?”

“What can we do to empower non-legal staff to fulfill routine legal requirements to free up legal personnel to focus on high-value activities?”

“How can we effectively secure and protect confidential and proprietary data in today’s digital, cloud-based world?”

Contract management software plays a key role in the answer to those questions and more and should be a priority for legal teams when evaluating and adopting legal technology. It’s a foundational first step in any legal group’s digital transformation effort because it digitizes and centralizes all contracts and associated documents and makes them accessible via any device on a secure, cloud-based contract repository. Digital transformation is an important focus because according to Gartner, roughly 81% of legal departments are not ready for it.

It significantly helps legal and legal operations teams in their Governance, Risk, and Compliance (GRC) management by enforcing and in some cases automating business processes. And it can harness all contract and legal document data and make it instantly available to deliver actionable business insights that help uncover and mitigate contract risks.

The platform’s clause and template libraries ensure legal and non-legal teams are using the latest preapproved language to quickly and efficiently assemble and execute legally compliant contracts. This way, non-legal staff can take a more active role in assembling contracts which frees up more expensive legal personnel to focus on higher value activities. It also helps reduce risk because it ensures the appropriate language is being used.

Eliminate broken obligations and missed dates

The software enables automated alerts, reminders, and tasks to be set based on any date field in a contract, not just standard ones. This ensures you never miss another contractual obligation such as a renewal date, contract term, or milestone. It also lets you select when you want alerts to be sent (before, on, and/or after the date), how often they should be sent, and in what format such as email, in-system, or both. Not only does this mitigate risks, it increases staff efficiency.

Because the platform provides true contract lifecycle management, it delivers a holistic view of where every contract stands in your processes. This allows you to develop benchmarks and KPIs to optimize your processes and drive efficiency throughout the organization. In addition, you can get quick business insights and answers to contract-related questions using the reports and dashboards capabilities as well as stage and status tracking of every agreement.

Eliminate bottlenecks with faster contract cycles

The platform’s easy-to-use yet robust contract creation functionality coupled with built-in redlining and e-signature will keep your constituents happy by accelerating the time it takes to get an agreement executed. It also allows you to apply your business rules to ensure the right clauses are used in the right circumstances by the right people, dynamically populate data into pre-defined merge fields, offer alternative language, and maintain version control.

Takeaway

LegalTech is an important focus for legal departments around the globe as they embark on digital transformation initiatives. The adoption of contract management software is a foundational yet easy-to-implement first step in that digital transformation and legal technology journey.

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Hundreds of brands have partnered with Contract Logix to automate their contracting process for the purpose of mitigating legal and financial risk, while maximizing corporate and regulatory compliance. Contract Logix provides products that address all phases of buy-side and sell-side contract lifecycle management, from contract creation to post-execution management. Want to know more? Click the button below.